First Industrial Realty Trust, Inc. (FR): Business Model Canvas [Jan-2025 Mis à jour]

First Industrial Realty Trust, Inc. (FR) apparaît comme une puissance dynamique dans le paysage immobilier industriel, transformant stratégiquement la façon dont les entreprises exploitent les espaces commerciaux. En fabriquant méticuleusement une toile de modèle commerciale robuste qui couvre l'acquisition de propriétés, la gestion et les solutions de locataires innovantes, FR s'est positionné comme un acteur critique dans le monde en évolution des investissements immobiliers industriels. Leur approche mélange parfaitement le positionnement stratégique du marché, la technologie de pointe et un portefeuille diversifié qui répond aux besoins complexes des entreprises modernes à la recherche de propriétés industrielles flexibles et de haute qualité.

First Industrial Realty Trust, Inc. (FR) - Modèle commercial: partenariats clés

Promoteurs immobiliers et entreprises de construction

First Industrial Realty Trust collabore avec plusieurs promoteurs immobiliers industriels et entreprises de construction pour étendre son portefeuille.

Type de partenaire	Nombre de partenariats actifs	Valeur de développement annuelle
Développeurs régionaux	12	450 millions de dollars
Entreprises de construction nationales	8	750 millions de dollars

Courtiers immobiliers commerciaux et agents de location

La société maintient des partenariats stratégiques avec des professionnels de l'immobilier commercial.

• Réseau total des courtiers: 47 entreprises
• Couverture géographique: 26 États
• Valeur de transaction de location moyenne: 3,2 millions de dollars

Investisseurs institutionnels et partenaires du marché des capitaux

First Industrial Realty Trust s'engage avec des partenaires d'investissement institutionnels importants.

Catégorie d'investisseurs	Investissement total	Pourcentage de portefeuille
Fonds de pension	1,2 milliard de dollars	35%
Sociétés de capital-investissement	850 millions de dollars	25%
Fonds d'investissement du REIT	650 millions de dollars	19%

Fournisseurs de technologies pour les systèmes de gestion immobilière

First Industrial Realty Trust intègre des solutions technologiques avancées.

• Nombre de partenaires technologiques: 6
• Investissement technologique annuel: 12,5 millions de dollars
• Domaines technologiques clés:
  • Gestion immobilière basée sur le cloud
  • Surveillance de l'infrastructure IoT
  • Systèmes de maintenance prédictive

Consultants en durabilité et en efficacité énergétique

La société priorise le développement durable grâce à des partenariats spécialisés.

Focus sur la durabilité	Investissement annuel	Cible de réduction du carbone
Consultants en construction verte	8,3 millions de dollars	25% d'ici 2030
Partenaires de l'efficacité énergétique	5,6 millions de dollars	40% de réduction d'énergie

First Industrial Realty Trust, Inc. (FR) - Modèle commercial: activités clés

Acquisition et développement de la propriété industrielle

Au quatrième trimestre 2023, First Industrial Realty Trust possédait 425 propriétés industrielles totalisant environ 61,2 millions de pieds carrés dans 19 États. Le portefeuille immobilier total de la société était évalué à 7,3 milliards de dollars.

Métriques d'acquisition de propriétés	2023 données
Propriétés totales acquises	38 propriétés
Coût total d'acquisition	552,3 millions de dollars
Taille moyenne de la propriété	144 700 pieds carrés

Gestion et location immobilières

First Industrial Realty Trust maintient une solide stratégie de gestion immobilière axée sur l'immobilier industriel.

• Taux d'occupation: 97,5% au quatrième trimestre 2023
• Taux de renouvellement de location: 74,2% en 2023
• Terme de location moyenne: 5,4 ans

Optimisation du portefeuille d'actifs

Composition de portefeuille	Pourcentage
Bâtiments de distribution de base	85.6%
Propriétés de remplissage urbaines	14.4%

Stratégie d'investissement et allocation des capitaux

En 2023, First Industrial Realty Trust a déployé 552,3 millions de dollars d'acquisitions de propriétés avec une approche d'investissement ciblée.

• Capital d'investissement total: 7,3 milliards de dollars
• Ratio dette / capitalisation: 42,6%
• Taux d'intérêt moyen pondéré: 4,3%

Gestion des relations des locataires

Métriques des locataires	2023 données
Nombre total de locataires	1,200+
Top 10 des locataires pourcentage de revenus	32.5%
Taux de rétention des locataires moyens	78.6%

First Industrial Realty Trust, Inc. (FR) - Modèle d'entreprise: Ressources clés

Portefeuille approfondie de propriétés immobilières industrielles

Au quatrième trimestre 2023, First Industrial Realty Trust détient 414 propriétés totalisant 67,2 millions de pieds carrés d'espace industriel sur 19 grands marchés américains. Valeur du portefeuille total: 7,2 milliards de dollars.

Catégorie de propriété	Total en pieds carrés	Nombre de propriétés
Entrepôts de distribution	52,3 millions de pieds carrés	312
Installations de fabrication	8,9 millions de pieds carrés	62
Industriel spécialisé	6,0 millions de pieds carrés	40

Capital financier solide et accès aux marchés de la dette

Mesures financières au 31 décembre 2023:

• Capitalisation boursière totale: 5,8 milliards de dollars
• Ratio de capitalisation de la dette / total: 42,3%
• Taux d'intérêt moyen pondéré: 4,7%
• Liquidité disponible: 750 millions de dollars

Professionnels de gestion et immobilier expérimentés

Composition de l'équipe de leadership:

• Total des employés: 168
• Pureur exécutif moyen: 12,5 ans
• Haute haute direction avec une expérience immobilière: 94%

Plateformes de technologie de gestion immobilière avancée

Investissements infrastructures technologiques:

• Budget technologique annuel: 4,2 millions de dollars
• Systèmes de gestion des actifs numériques: plates-formes basées sur le cloud intégrées
• Systèmes de suivi des performances de propriété en temps réel

Positionnement stratégique du marché géographique

Distribution du marché à partir de 2023:

Région géographique	Pourcentage de portefeuille	Nombre de marchés
Midwest	35.6%	7
Au sud-est	22.4%	5
Sud-ouest	18.2%	3
Côte ouest	15.8%	2
Nord-est	8.0%	2

First Industrial Realty Trust, Inc. (FR) - Modèle d'entreprise: propositions de valeur

Actifs immobiliers industriels de haute qualité et bien situés

Au quatrième trimestre 2023, First Industrial Realty Trust possède 412 propriétés industrielles totalisant 66,4 millions de pieds carrés à travers les États-Unis.

Type de propriété	Total en pieds carrés	Pourcentage de portefeuille
Entrepôts de distribution	52,1 millions de pieds carrés	78.5%
Installations de fabrication	9,3 millions de pieds carrés	14.0%
Propriétés flexibles / bureau	5,0 millions de pieds carrés	7.5%

Slemes de revenus stables et prévisibles à partir de baux à long terme

Statistiques de location au 31 décembre 2023:

• Terme de location moyenne pondérée: 5,7 ans
• Taux d'occupation: 98,3%
• Revenus de location annuels: 624,3 millions de dollars

Portfolio diversifié sur plusieurs sous-marchés industriels

Région géographique	Nombre de propriétés	Pourcentage de portefeuille
Midwest	138 propriétés	33.5%
Au sud-est	95 propriétés	23.1%
Nord-est	82 propriétés	19.9%
Ouest	97 propriétés	23.5%

Services professionnels de gestion et de maintenance immobilières

Mesures de gestion clés pour 2023:

• Personnel total de gestion immobilière: 237 professionnels
• Dépenses de maintenance des biens annuels: 42,6 millions de dollars
• Temps moyen pour résoudre les demandes de maintenance: 2,4 jours

Potentiel d'appréciation du capital à long terme

Indicateurs de performance financière:

• Capitalisation boursière totale: 6,2 milliards de dollars
• Retour total du début de l'année: 17,3%
• Fonds des opérations (FFO) par action: 2,37 $

First Industrial Realty Trust, Inc. (FR) - Modèle d'entreprise: relations avec les clients

Gestion directe du compte pour les locataires d'entreprise

First Industrial Realty Trust gère environ 68,4 millions de pieds carrés de biens immobiliers industriels au quatrième trimestre 2023. La société dessert 1 448 clients sur 39 grands marchés aux États-Unis.

Segment de clientèle	Nombre de clients	Durée de location moyenne
Grands locataires d'entreprise	387	7,2 ans
Entreprises de taille moyenne	612	5,6 ans
Petits clients d'entreprise	449	3,8 ans

Services de maintenance et de support proactifs des propriétés

La société maintient une équipe de gestion immobilière dédiée avec un temps de réponse moyen de 2,3 heures pour les demandes de maintenance.

• Assistance de maintenance d'urgence 24/7
• Programmes de maintenance préventive
• Services d'optimisation de l'efficacité énergétique
• Gestion des installations compatibles avec la technologie

Structures de location personnalisées et solutions de locataires

First Industrial Realty Trust offre des dispositions de location flexibles avec un taux de modification de bail moyen de 22% par an.

Type de location	Pourcentage de portefeuille	Taux de location moyen
Triple Net Laux	68%	6,75 $ / pieds carrés
Baux bruts modifiés	24%	7,20 $ / pieds carrés
Baux à service complet	8%	8,10 $ / pieds carrés

Communication et rapport réguliers

La société mène des enquêtes trimestrielles de satisfaction aux locataires avec un taux de réponse de 87% et un score de satisfaction de 4,6 / 5.

• Rapports de performance trimestriels
• Réunions annuelles d'examen des locataires
• Plateformes de communication numérique
• Contacts de gestion des comptes dédiés

Plateformes d'engagement des locataires numériques

First Industrial Realty Trust a investi 2,3 millions de dollars dans les technologies d'engagement des locataires numériques en 2023.

Plate-forme numérique	Taux d'adoption des utilisateurs	Caractéristiques clés
Portail des locataires	76%	Demandes de maintenance, facturation, communication
Application mobile	52%	Notifications en temps réel, gestion de l'espace
Tableau de bord en libre-service	64%	Gestion des baux, outils de rapport

First Industrial Realty Trust, Inc. (FR) - Modèle commercial: canaux

Équipe de vente directe et représentants de location

First Industrial Realty Trust maintient une équipe de vente interne dédiée de 87 professionnels de l'immobilier commercial au quatrième trimestre 2023. L'équipe couvre 18 grands marchés métropolitains à travers les États-Unis.

Couverture du marché	Nombre de représentants commerciaux	Régions géographiques
Principales zones métropolitaines	87	18 marchés

Réseaux de courtiers immobiliers commerciaux

La société collabore avec environ 250 sociétés de courtage immobilier commerciales externes à l'échelle nationale. Ces partenariats permettent une portée de marché et des opportunités de transaction plus larges.

• Partenariats totaux de réseau de courtiers: 250
• Franchage moyen de la commission: 50/50
• Volume annuel de transactions via les réseaux de courtiers: 475 millions de dollars

Plateformes d'inscription de propriétés en ligne

First Industrial utilise plusieurs canaux numériques pour le marketing immobilier, y compris les plateformes numériques de costar, de Loopnet et de propriétaires.

Plate-forme	Listes totales de propriétés	Visiteurs mensuels du site Web
Costar	342 listes actives	48,000
LOOPTNET	298 listes actives	52,500

Site Web de relations avec les investisseurs et communications

La Société maintient un site Web complet sur les relations avec les investisseurs avec des rapports financiers détaillés et des informations sur la propriété.

• Site Web Visiteurs mensuels uniques: 22 500
• Sévénilles trimestrielles Participants à la diffusion en difficulté: 1 200
• Conférence annuelle des investisseurs: 350

Conférences de l'industrie et événements de réseautage

First Industrial participe activement à des conférences immobilières commerciales pour étendre le réseau et générer des opportunités commerciales.

Type d'événement	Participation annuelle	Génération de leads
Conférences nationales	7	125 pistes potentielles
Événements de réseautage régional	24	210 pistes potentielles

First Industrial Realty Trust, Inc. (FR) - Modèle d'entreprise: segments de clientèle

Grandes sociétés nationales et multinationales

First Industrial Realty Trust dessert de grandes sociétés ayant des exigences immobilières industrielles spécifiques. Au quatrième trimestre 2023, la société a géré 368 propriétés industrielles totalisant 67,4 millions de pieds carrés sur les marchés clés.

Segment de clientèle	Nombre de propriétés	Total en pieds carrés
Grandes sociétés nationales	132	24,3 millions de pieds carrés
Sociétés multinationales	86	15,6 millions de pieds carrés

Entreprises de commerce électronique et de logistique

First Industrial Realty Trust a une exposition significative aux clients du commerce électronique et de la logistique, représentant un segment critique de leur portefeuille.

• Propriétés du commerce électronique: 97 Propriétés
• Total du commerce électronique en pieds carrés: 18,2 millions de pieds carrés
• Taille moyenne de la propriété: 187 630 pieds carrés

Activités de fabrication et de distribution

La société propose des solutions immobilières industrielles spécialisées pour les secteurs de la fabrication et de la distribution.

Type d'entreprise	Propriétés	Taux d'occupation
Fabrication	76	94.3%
Distribution	112	96.7%

Entreprises industrielles régionales et locales

First Industrial Realty Trust soutient les entreprises régionales et locales avec des solutions immobilières industrielles flexibles.

• Propriétés régionales: 48 emplacements
• Total régional en pieds carrés: 8,9 millions de pieds carrés
• Terme de location moyenne: 5,2 ans

Investisseurs immobiliers institutionnels

La société attire les investisseurs institutionnels grâce à son portefeuille industriel diversifié.

Type d'investisseur	Montant d'investissement	Pourcentage de portefeuille
Fonds de pension	425 millions de dollars	22%
FPI	310 millions de dollars	16%
Capital-investissement	265 millions de dollars	14%

First Industrial Realty Trust, Inc. (FR) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

Au quatrième trimestre 2023, First Industrial Realty Trust a déclaré des coûts totaux d'acquisition de propriétés de 428,7 millions de dollars. Les investissements de développement et de réaménagement ont totalisé 153,2 millions de dollars pour l'exercice.

Catégorie de dépenses	Montant ($)
Acquisition de terres	187,5 millions de dollars
Coûts de construction	241,2 millions de dollars
Frais de développement	36,5 millions de dollars

Entretien des biens et coûts opérationnels

Les dépenses d'exploitation des biens annuelles pour 2023 étaient de 84,3 millions de dollars, avec une ventilation comme suit:

• Réparation et entretien: 42,1 millions de dollars
• Services publics: 18,7 millions de dollars
• Frais de gestion immobilière: 23,5 millions de dollars

Gestion et frais généraux administratifs

Les frais administratifs totaux pour 2023 ont atteint 62,9 millions de dollars, notamment:

Catégorie de coût administratif	Montant ($)
Rémunération des dirigeants	14,6 millions de dollars
Frais administratifs généraux	28,3 millions de dollars
Services professionnels	20,0 millions de dollars

Frais d'intérêt sur le financement de la dette

Les frais d'intérêt total pour 2023 étaient de 93,6 millions de dollars, avec un taux d'intérêt moyen de la dette de 4,2%.

Type de dette	Dette totale ($)	Intérêts ($)
Notes non garanties seniors	1,2 milliard de dollars	50,4 millions de dollars
Facilité de crédit	350 millions de dollars	14,7 millions de dollars
Autres instruments de dette	280 millions de dollars	28,5 millions de dollars

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures pour 2023 ont totalisé 22,1 millions de dollars, distribué à travers:

• Mises à niveau des infrastructures informatiques: 9,8 millions de dollars
• Améliorations de la cybersécurité: 5,3 millions de dollars
• Logiciel de gestion immobilière: 7,0 millions de dollars

First Industrial Realty Trust, Inc. (FR) - Modèle commercial: Strots de revenus

Revenus locatifs des baux de propriété industrielle

Au quatrième trimestre 2023, First Industrial Realty Trust a déclaré un revenu locatif total de 123,9 millions de dollars. La société possède environ 386 propriétés industrielles comprenant 66,1 millions de pieds carrés dans 19 États.

Type de location	Pourcentage du total des revenus	Revenus annuels
Installations de distribution	62%	76,8 millions de dollars
Installations de fabrication	22%	27,3 millions de dollars
Propriétés de l'entrepôt	16%	19,8 millions de dollars

Frais de gestion immobilière

Les frais de gestion immobilière pour 2023 ont totalisé 4,2 millions de dollars, ce qui représente une augmentation de 3,3% par rapport à l'année précédente.

Vente des actifs et gains de disposition

En 2023, First Industrial Realty Trust a réalisé des gains de disposition de 42,5 millions de dollars provenant des ventes de biens, avec un total de 17 propriétés vendues au cours de l'exercice.

Type d'actif	Nombre de propriétés vendues	Gain de disposition totale
Propriétés industrielles	17	42,5 millions de dollars

Distributions de dividendes de l'investissement immobilier (REIT)

Pour l'exercice 2023, First Industrial Realty Trust distribué:

• Dividendes totaux: 87,6 millions de dollars
• Dividende par action: 1,96 $
• Rendement des dividendes: 3,2%

Profictions potentielles de développement et de réaménagement

Les projets de développement et de réaménagement ont généré 18,7 millions de dollars de bénéfices en 2023, avec des projets en cours sur les marchés clés.

Catégorie de développement	Nombre de projets	Valeur totale du projet
Nouvelle construction	8	215,3 millions de dollars
Réaménagement	12	98,6 millions de dollars

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Value Propositions

You're looking at the core offerings First Industrial Realty Trust, Inc. (FR) provides to its customers, which are the reasons tenants choose their logistics properties over others. This is about the tangible value they deliver in the physical space and the service surrounding it.

High-quality, modern logistics facilities essential for supply chains.

First Industrial Realty Trust, Inc. focuses on providing logistics real estate in supply-constrained, coastally oriented markets, concentrated across 15 target MSAs. The quality of the physical assets has been significantly upgraded; over the past 10 years, the company newly developed nearly 40% of its current portfolio and disposed of more than 40% of its legacy assets. This transformation means the current portfolio quality rivals that of blue-chip peers. As of September 30, 2025, First Industrial Realty Trust, Inc. owned and had under development approximately 70.4 million square feet of industrial space.

Here's a snapshot of the scale and current operational status:

Metric	Value as of Late 2025
Total Owned and Under Development Space	Approximately 70.4 million square feet (as of 9/30/2025)
Target MSAs Concentration	15 target MSAs
In-Service Occupancy	94.0% (as of end of Q3 2025)
2025 Cash Rental Rate Increase (Commencing Leases)	32% (reflecting 95% of 2025 expirations by square footage)

The strong rental rate growth on new and renewal leasing shows tenants are willing to pay a premium for this quality and location. For leases signed to-date commencing in 2025, the cash rental rate increase achieved was 32%.

Customized space solutions, including build-to-suit options.

The development pipeline is a key part of delivering customized space. The company signed 772,000 SF of new leases for development projects in the third and fourth quarters to-date (as of October 15, 2025). This activity includes specific commitments like the remaining 501,000 SF at Building C at the Camelback 303 JV in Phoenix and 56,000 SF at First Park Miami Building 3, both leased in Q3 2025.

• Development leasing wins signal commitment to future space needs.
• Cash rental rate increase on leases commencing in 2026 is 31%.
• The company expects to capitalize $0.09 per share of interest in 2025 related to developments.

Supply chain reconfiguration and consolidation assistance for tenants.

While direct metrics on reconfiguration assistance aren't public, the financial performance suggests successful alignment with tenant needs for supply chain optimization. The cash basis same store net operating income (SS NOI) before termination fees increased 6.1% in the third quarter of 2025, driven by rental rate increases and contractual escalations. Excluding an insurance claim recovery, the SS NOI growth was 5.4%. This operational strength supports the landlord's role in facilitating tenant network adjustments.

Industry-leading, responsive in-house customer service.

First Industrial Realty Trust, Inc. explicitly states it provides industry-leading customer service as part of its value proposition. The company's financial results reflect strong operational execution, which is often tied to service quality. For instance, the 2025 NAREIT FFO guidance was increased by $0.04 at the midpoint to a range of $2.94 to $2.98 per share/unit. Also, the company has raised its dividend for 13 consecutive years.

• Diluted FFO per share/unit was $0.76 in Q3 2025.
• Diluted EPS was $0.49 in Q3 2025.
• The annualized dividend is $1.78 per share, yielding 3.14%.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Customer Relationships

You're looking at how First Industrial Realty Trust, Inc. keeps its tenants happy and secures future income, which is key for any logistics REIT. Their approach centers on direct engagement and strong contractual terms.

First Industrial Realty Trust, Inc. emphasizes a dedicated in-house property management team, operating through a fully integrated platform to provide high-quality facilities and industry-leading customer service. This direct service model supports portfolio stability, evidenced by the in-service occupancy rate ending the third quarter of 2025 at 94.0%. This figure shows the baseline of retained customer relationships, down slightly from 94.2% at the end of the second quarter of 2025.

The relationship focus is explicitly proactive and long-term, targeting multinational corporations and regional customers that are essential for their supply chains. This focus is geographically managed by concentrating the portfolio and new investments in 15 target MSAs, aiming for deep market penetration rather than broad, shallow exposure. The success in securing long-term commitments is visible in the leasing activity; as of the third quarter of 2025, First Industrial Realty Trust, Inc. had signed 772,000 SF of new leases for development projects in the third and fourth quarters to date.

While specific details on a dedicated customer service coordinator role aren't public, the operational success suggests effective issue resolution. The company's focus on execution is reflected in their financial guidance: the team's leasing wins contributed to a $0.04 per share increase at the midpoint of their 2025 FFO guidance, raising the range to $2.94 to $2.98 per share/unit. This ability to translate operational execution into increased guidance is a direct benefit to the customer relationship, showing responsiveness to market demand.

The structure of contractual rent escalations built into lease agreements is a core driver of predictable revenue. This is clearly demonstrated in the strong pricing power achieved upon renewal and new leasing. For leases signed to-date commencing in 2025, First Industrial Realty Trust, Inc. achieved a cash rental rate increase of approximately 32%. If you exclude one large 1.3 million square-foot fixed-rate renewal, that increase jumps to 37%. Furthermore, they are already locking in future growth, with leases signed to-date commencing in 2026 showing a cash rental rate increase of approximately 31%. These contractual increases, along with rental rate increases on new/renewal leasing, drove the cash basis same store net operating income (SS NOI) growth to 6.1% in the third quarter of 2025.

Here's a quick look at how these customer-facing metrics stack up as of the third quarter of 2025:

Metric	Value (Latest Reported)	Period End Date
In Service Occupancy	94.0%	Q3 2025
Cash Rental Rate Increase (2025 Commencing Leases)	32% (37% excl. 1.3 MSF renewal)	Q3 2025
Cash Rental Rate Increase (2026 Commencing Leases)	31%	Q3 2025
Cash SS NOI Growth	6.1%	Q3 2025
New/Renewal Leasing Cash Rate Increase	26.5%	Q3 2025

The value proposition delivered to these customers, which includes high-quality logistics facilities, is reinforced by the financial results flowing from these relationships:

• Cash basis same store net operating income (SS NOI) increased 6.1% in 3Q25.
• The 2025 full-year NAREIT FFO midpoint guidance was raised to $2.94 to $2.98 per share/unit.
• The company's credit rating is BBB+ from Fitch Ratings.
• The quarterly dividend was increased to $0.445 per share for 1Q25, a 20.3% increase.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Channels

You're looking at how First Industrial Realty Trust, Inc. (FR) gets its product-high-quality logistics real estate-into the hands of tenants. Their channel strategy leans heavily on an integrated approach, blending internal expertise with external brokerage relationships across their focused geographic footprint.

Direct leasing team and in-house sales force.

First Industrial Realty Trust, Inc. relies on its fully integrated operating platform to drive direct engagement, which is key for securing the high-value, long-term leases that fuel their growth. While the exact 2025 headcount for the direct team isn't public, the scale of their operation suggests a significant internal capacity to manage relationships with multinational corporations and regional firms essential to supply chains. This in-house focus is critical for capturing premium rental rates, as evidenced by their performance on new leases commencing in 2025. For leases signed to-date commencing in 2025, First Industrial Realty Trust, Inc. achieved a cash rental rate increase of approximately 32% as of the third quarter of 2025. If you exclude one large fixed-rate renewal, that increase jumps to 37%. That kind of pricing power often comes from direct negotiation and deep customer understanding.

The success of this direct channel is directly tied to leasing volume, especially on new developments. For instance, through the third quarter and into the fourth quarter of 2025 to-date, the team signed 772,000 SF of new leases for development projects. This demonstrates the internal team's ability to move product quickly in high-demand situations.

National platform for multi-regional tenant solutions.

First Industrial Realty Trust, Inc. markets itself as a national platform capable of solving space needs for firms requiring logistics facilities across multiple regions. This capability is supported by a portfolio concentrated in 15 target MSAs (Metropolitan Statistical Areas). For a tenant needing space in, say, both the Inland Empire and South Florida, First Industrial Realty Trust, Inc. can offer a consistent product and service experience across those markets. The company's total owned and under development industrial space stood at approximately 70.4 million square feet as of September 30, 2025. This scale is what makes the national solution credible to large users.

The effectiveness of this platform is reflected in the forward-looking rental rate achievements:

• Cash rental rate increase on leases signed to-date commencing in 2026 is reported at 31%.
• The 2025 NAREIT FFO guidance was increased at the midpoint to $2.94 to $2.98 Per Share/Unit, a direct result of strong leasing activity.
• As of October 17, 2025, the company's market capitalization was $7.3B on a stock price of $55.11.

Local market experts in supply-constrained, coastally oriented markets.

The national platform is underpinned by deep local knowledge, focusing on supply-constrained, coastally oriented markets. This specialization allows First Industrial Realty Trust, Inc. to command higher rents and secure favorable lease terms where new supply is difficult to bring online. Their leasing success in Q1 2025 showed cash rental rates on new and renewal leasing increasing by 41.7%. This local expertise is what allows them to capture that premium, even when facing broader economic uncertainties like tariff discussions mentioned by management.

Here's a quick look at the scale and leasing momentum driving value through these local channels as of late 2025:

Metric	Value as of Late 2025	Reporting Date/Period
Total Industrial Space Owned/Under Development	70.4 million square feet	September 30, 2025
Target MSAs	15	Q3 2025
Cash Rental Rate Increase (2025 Commencements)	32%	Leases Signed To-Date Q3 2025
Development Leases Signed (Q3 & Q4 To-Date)	772,000 SF	Q3/Q4 To-Date 2025
Trailing 12-Month Revenue	$714M	As of September 30, 2025
Q4 2025 Dividend Declared	$0.445 per share/unit	Declared October 29, 2025

Commercial real estate brokers and advisory firms.

To supplement the direct team, First Industrial Realty Trust, Inc. engages with the broader commercial real estate brokerage community. These external partners are essential for reaching tenants who work exclusively through advisory firms or who are seeking space in markets where the internal team may benefit from local broker relationships. The strong rental rate growth across the board suggests that whether the deal is sourced internally or externally, the underlying market demand is robust enough to support premium pricing. The company's focus on leasing is the lifeblood of its growth, as noted by management, which directly supports the upward revision to the 2025 FFO guidance.

The leasing activity shows that both direct and broker-sourced deals are contributing to strong results:

• Cash rental rates on new and renewal leasing in Q2 2025 increased 28.0% on a cash basis.
• The company secured commitments for 73% of its 2025 expiring square footage by Q1 2025.
• In Q3 2025, in-service occupancy was 94.0%.

If onboarding takes 14+ days, churn risk rises, but the strong leasing momentum suggests the channel execution is generally smooth.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Customer Segments

You're looking at who First Industrial Realty Trust, Inc. (FR) actually rents its industrial space to. This isn't a one-size-fits-all operation; their customer base is built to handle the complexity of modern supply chains.

First Industrial Realty Trust, Inc. provides facilities and service to both multinational corporations and regional firms that are critical to their operations. As of late 2025, the company manages a portfolio that supports 869 tenants across 19 states. The overall in-service occupancy stood at 94.0% at the end of the third quarter of 2025. These tenants often sign long-term commitments, commonly agreeing to lease terms between 5-15 year durations, frequently under a triple net lease structure.

The customer base is intentionally broad to capture demand across the entire logistics ecosystem. Here is a look at the key industries served by First Industrial Realty Trust, Inc.:

• E-commerce and third-party logistics providers.
• Transportation and wholesale goods distributors.
• Manufacturing operations requiring modern facilities.
• Retail and consumer services companies.
• Food and beverage distribution centers.
• Government and health services entities.

To give you a concrete idea of the caliber of tenants, some of the top names leasing space include Amazon.com, Inc. (AMZN), Lowe's Companies, Inc. (LOW), Walmart Inc. (WMT), and PepsiCo, Inc. (PEP). The company's trailing 12-month revenue as of September 30, 2025, was $714M.

The geographic focus also dictates the type of customer demand they see, with about 25% of rent revenue derived from Southern California alone, and another 19.4% of revenues coming from the Central & Eastern Pennsylvania, New Jersey, and Baltimore/Washington D.C. corridor. This concentration suggests a strong segment focus on high-demand coastal and major distribution hubs.

Here's a snapshot of the scale and the types of customers First Industrial Realty Trust, Inc. supports:

Metric	Value (Late 2025 Data)
Total Industrial Properties Owned	423
Total Number of Tenants	869
In-Service Occupancy (Q3 2025)	94.0%
Average Lease Term Commitment	5 to 15 years
Trailing 12-Month Revenue (as of 9/30/2025)	$714M
Cash Rental Rate Increase on 2025 Commencing Leases (To-Date)	32%

The demand from these segments is translating into strong pricing power; the cash rental rate increase on leases signed to-date commencing in 2025 was approximately 32%. Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Cost Structure

You're looking at the core costs First Industrial Realty Trust, Inc. (FR) faces to keep its logistics real estate platform running and growing as of late 2025. For a REIT focused on owning, operating, and developing industrial space, these costs are heavily weighted toward property maintenance and financing.

The most immediate, recurring operational cost is property operating expenses. For the first quarter of 2025, these expenses hit $48.3 million. This figure reflects the day-to-day costs of running a massive portfolio, including things like property taxes, insurance, and routine maintenance. It's up from $47.0 million in the prior year, showing that operational costs are definitely ticking up.

Next, you have the overhead required to manage the whole enterprise. First Industrial Realty Trust, Inc. has guided its General and Administrative (G&A) expenses for the full year 2025 to be in the range of $40.5 million to $41.5 million. To be fair, G&A can fluctuate; for instance, Q1 2025 G&A saw a significant jump to $15.9 million, driven by accelerated equity compensation, which isn't a recurring run-rate cost. Still, the full-year guidance gives you the baseline administrative spend.

Financing costs are a huge component for any real estate investment trust. As of the first quarter of 2025, First Industrial Realty Trust, Inc.'s total liabilities stood at $2.7 billion. Servicing that debt means significant interest expense. While the exact interest expense for Q1 2025 isn't explicitly stated as a single line item in the provided snippets, we know the debt load is substantial. Furthermore, the company expected to capitalize $0.09 per share of interest in 2025, meaning some interest costs are being added to the basis of development properties rather than being expensed immediately.

Finally, the investment in future revenue streams comes via capital expenditures for development and redevelopment projects. This is where the company spends to grow its square footage and modernize its assets. For example, in the fourth quarter of 2024, the company started two developments totaling 679,000 square feet in Nashville and Lehigh Valley, with an estimated investment of $96 million. These are the costs that drive future Net Operating Income (NOI) growth.

Here's a quick look at those key cost figures we pulled:

Cost Category	Specific Metric/Period	Amount
Property Operating Expenses	Q1 2025	$48.3 million
General and Administrative (G&A) Expense	2025 Full Year Guidance	$40.5 million to $41.5 million
Total Liabilities	Q1 2025	$2.7 billion
Capitalized Interest Expectation	Full Year 2025	$0.09 per share
Estimated Investment (Q4 2024 New Starts)	Development Projects	$96 million

When you break down the cost drivers, you see where the cash is going:

• Maintaining the existing 70.4 million square feet portfolio.
• Salaries, overhead, and administrative functions for the integrated platform.
• Interest payments on the $2.7 billion in total liabilities.
• Funding development pipeline costs, like the $96 million estimated investment for Q4 2024 starts.
• Non-incremental capital expenditures for necessary building improvements.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Revenue Streams

You're analyzing the core income drivers for First Industrial Realty Trust, Inc. (FR) as of late 2025. For a logistics REIT like First Industrial Realty Trust, Inc. (FR), the revenue streams are tightly linked to the physical assets and the leasing environment. The primary engine, as you'd expect, is rent collection, but asset disposition gains also play a role.

Lease revenue is the bedrock of First Industrial Realty Trust, Inc. (FR)'s financial structure. For the first quarter of 2025, this primary stream clocked in at $175.4 million. To give you a sense of the overall top-line performance, the total revenue for the twelve months ending September 30, 2025, reached $0.714 billion. This shows consistent, high-volume revenue generation from the logistics portfolio.

We can also look at the most recent quarterly revenue reported, which was $181.43 million for the third quarter of 2025. This is a good indicator of the current run rate, showing an 8.2% year-over-year increase for that quarter.

Another component of revenue comes from gains from the sale of real estate, which reflects active asset management-selling properties that might be mature or non-core to recycle capital. In Q1 2025, First Industrial Realty Trust, Inc. (FR) realized a gain of $6.8 million from these sales. While this is a source of income, it's often more variable than the steady lease revenue.

The real story, and a defintely strong driver, is the rental rate growth from new and renewal leasing. This is where you see the immediate impact of supply-constrained markets on the income statement. Here's a quick look at how strong that leasing momentum was in the first half of 2025:

Metric	Q1 2025 Result	Q3 2025 Leases Signed To-Date Commencing In 2025
Cash Rental Rate Increase (New & Renewal)	41.7%	32% (95% of 2025 expirations by SF)
Straight-Line Rental Rate Increase (New & Renewal)	77.0%	40.6% (Commenced in Q3)
Cash Rental Rate Increase (2025 Leases, Excluding 1.3 MSF Renewal)	36%	37% (Excluding 1.3 MSF Renewal)

This sustained, double-digit rental rate growth is what fuels the Cash Same Store NOI Growth, which hit 10.1% in Q1 2025. It's clear that the pricing power on new and renewed leases is a critical component of the revenue stream.

To summarize the key revenue-related figures we're tracking for First Industrial Realty Trust, Inc. (FR) as of late 2025, consider this snapshot:

• Lease Revenue (Q1 2025): $175.4 million
• Total Revenue (TTM ending 9/30/2025): $0.714 billion
• Revenue (Q3 2025): $181.43 million
• Gain on Sale of Real Estate (Q1 2025): $6.8 million
• Cash Rental Rate Increase on 2025 Leases (as of Q3): 32%

Finance: draft 13-week cash view by Friday.